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Rulemaking Process Financial Services Industry Debt Collection

Ballard Spahr LLP

CFPB Files Rulemaking Items With Office of Management and Budget

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The CFPB recently made filings with the Office of Management and Budget (OMB) regarding the following rules...more

Troutman Pepper Locke

CFPB Continues “Pausing” Litigation: This Time in Medical Debt Rule Litigation

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The Consumer Financial Protection Bureau (CFPB or Bureau) requested and was granted a 90-day stay in the litigation involving trade associations Cornerstone Credit Union League (Cornerstone) and the Consumer Data Industry...more

Troutman Pepper Locke

Troutman Pepper Weekly Consumer Financial Services Newsletter – December 2024 # 3

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Sheppard Mullin Richter & Hampton LLP

Latest CFPB Supervisory Highlights Focus on Transparency in Debt Collection Practices

On July 2, the CFPB released its Summer 2024 Supervisory Highlights, which focused on the servicing and collection of consumer debt. The report shared key findings from recent supervisory examinations of auto and student loan...more

Hudson Cook, LLP

CFPB Bites of the Month - 2023 Annual Review - Debt Collection

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In this article, we share a timeline of our monthly "bites" for 2023 applicable to debt collection. If debt collection in 2023 had a theme it would be medical debt....more

Ballard Spahr LLP

Trade groups urge CFPB to issue ANPR on FCRA rulemaking

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In September 2023, the CFPB announced that it was launching a Fair Credit Reporting Act rulemaking and issued an outline of the proposals it is considering in preparation for convening a Small Business Advisory Review Panel. ...more

Orrick, Herrington & Sutcliffe LLP

CFPB receives FCRA rulemaking petition on debt collection

On March 3, the CFPB received a rulemaking petition from the National Consumer Law Center (NCLC) in response to forthcoming FCRA rulemaking announced in the Bureau’s Fall 2022 regulatory agenda. As previously covered by...more

Hinshaw & Culbertson - Consumer Crossroads

New York State DFS Issues Proposed Amendments to its Debt Collection Rules for Third-Party Debt Collectors and Debt Buyers

On October 29, 2021, the New York State Department of Financial Services (DFS) posted proposed amendments to its debt collection rules for Third-Party Debt Collectors and Debt Buyers (under 23 New York Codes, Rules, and...more

Miles & Stockbridge P.C.

Time to Submit Comments for the Regulation to the New California Debt Collection Licensing Act

Last month, the California Department of Financial Protection and Innovation (the "DFPI") published a notice inviting comments for its second rulemaking regarding the rules that will be promulgated under the new California...more

Goodwin

Tenth Circuit Upholds District Court’s Ruling Finding No Breach of Fiduciary Duties in Section 36(b) Case

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In This Issue. The federal bank regulators published frequently asked questions concerning the London Interbank Offered Rate transition; the Consumer Financial Protection Bureau (CFPB) confirmed an effective date for two...more

Blank Rome LLP

CFPB Proposes Delay of Effective Date for Debt Collection Rules

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On April 7, 2021, the Consumer Financial Protection Bureau (“CFPB”) issued a Notice of Proposed Rulemaking delaying the effective date of its recent debt collection final rules. The final rules, which were issued on October...more

Hudson Cook, LLP

FTC Commissioner Rohit Chopra to be Named CFPB Director - A Strong Consumer Advocate and Aggressive Law Enforcer

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This week, we learned that President-elect Biden intends to nominate FTC Commissioner Rohit Chopra to serve as the Director of the Consumer Financial Protection Bureau. Chopra is a smart, articulate, and strong consumer...more

Morgan Lewis

CFPB Issues Final (and First Ever) Debt Collection Rule

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The Consumer Financial Protection Bureau (Bureau or CFPB) on October 30 issued the first part of its long-awaited debt collection final rule, which restates and clarifies prohibitions on harassment and abuse, false or...more

Ballard Spahr LLP

Rumor Has It That Publication Of The CFPB’s Final Collection Rules Is Imminent

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While the CFPB has maintained for over a year that the final rules will be published by the end of October, it appears that we may not have to wait that long... ...more

Ballard Spahr LLP

Colorado Administrator proposes amendments to debt collection rules

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Colorado’s UCCC Administrator has proposed amendments to the rules implementing the Colorado Fair Debt Collection Practices Act (CFDCPA).  The Administrator also announced that a Zoom stakeholder meeting will be held on...more

Ballard Spahr LLP

CFPB issues proposed rule to require debt collectors to make disclosures for time-barred debts

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The CFPB has issued a proposal that would require debt collectors to make specified disclosures when collecting time-barred debts (Disclosure Proposal).  The Disclosure Proposal supplements the Bureau’s proposed debt...more

Smith Debnam Narron Drake Saintsing & Myers,...

CFPB Issues Semi-Annual Report to Congress

The CFPB has issued its semi-annual report to Congress. The Report, which covers April through September of 2019, is mandated by Dodd-Frank and was released in conjunction with Director Kraninger’s testimony to the House...more

Smith Debnam Narron Drake Saintsing & Myers,...

CFPB’s Rulemaking Agenda Provides Glimpse into 2020

The CFPB’s 2020 Rulemaking Agenda provides a preview of the Bureau’s intended rulemaking activities for 2020. Here are the highlights of what we can look forward to in 2020: Business Lending Data (Pre-rule Stage): Under...more

Ballard Spahr LLP

CFPB publishes Fall 2019 rulemaking agenda

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The CFPB has published its Fall 2019 rulemaking agenda as part of the Fall 2019 Unified Agenda of Federal Regulatory and Deregulatory Actions, which is coordinated by the Office of Management and Budget....more

Ballard Spahr LLP

CFPB extends comment deadline for proposed debt collection rules

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In a notice to be published in tomorrow’s Federal Register, the CFPB is extending the comment deadline for its proposed debt collection rules until September 18.  The proposal’s initial 90-day comment period was set to expire...more

Ballard Spahr LLP

Consumer groups seek extension of comment deadline for CFPB proposed debt collection rules

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Seven consumer advocacy groups have submitted a letter to Director Kraninger requesting a two-month extension of the August 19 comment deadline for the CFPB’s proposed debt collection rules. ...more

Ballard Spahr LLP

Texas amends debt collection law to add new requirements for debt buyers

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On June 14, 2019, Texas Governor Greg Abbott signed HB 996, which amends Chapter 392 of the Texas Finance Code dealing with debt collection.  The amendments are effective September 1, 2019. ...more

Ballard Spahr LLP

Mortgage-specific provisions in the CFPB’s proposed debt collection rules

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Continuing our coverage of the CFPB’s proposed debt collection rules, this blog post will focus on a few provisions that pertain specifically to mortgage servicers. ...more

Burr & Forman

The CFPB’s Proposed Debt Collection Rules and The Impact on First-Party Collectors

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On May 7, 2019, the Consumer Financial Protection Bureau (“Bureau” or “CFPB”) issued a Notice of Proposed Rulemaking (“NPRM”) to implement the Fair Debt Collection Practices Act (“FDCPA”). The full NPRM is 538 pages and can...more

Ballard Spahr LLP

CFPB publishes Spring 2019 rulemaking agenda

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The CFPB has published its Spring 2019 rulemaking agenda as part of the Spring 2019 Unified Agenda of Federal Regulatory and Deregulatory Actions, which is coordinated by the Office of Management and Budget (OMB).  ...more

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